Research On Fair Value Measurement In The New Accounting Standards

With the change and development of international economic situation and economy environment, disadvantages of historical cost emerge gradually and undergo more and more criticism. Fair Value, which can be duly and roundly reflect changes of the current and future economic environment, come into being accepted and applied widely. In the past several decades, the fair value problem has always been one of the most pop and difficult ones in the international accounting world. However, accounting academia of China just start the study on fair value. Besides, it is just the very beginning groping stage to how applied fair value by accounting practical field.On February 15th,2006, Ministry of Finance People's Republic of China released a serious of new accounting standards including one basic standard and 38 specific standards. As the most remarkable highlight of the new accounting standards, reintroduce and large-scale application of fair value reveals that our accounting standards get close to internationalization. Up to the present, however, the theory of the fair value, especially how to obtain fair value correctly and the reliability of the fair value, still hang in doubt. In the financial crisis which broke out in 2008, the fair value even was deem to the accomplice of aggravating turbulence. There is a drastically debate about fair value all over the accounting world. Therefore, how to rightly understand the fair value measurement, how impersonally judge financial crisis brings the impact on fair value measurement, how to strengthen the study on the theory and practice of fair value, how to boost the application of fair value in our new accounting standards, all of them become more and more significant.Based on above problems, PartⅠ, introduces the research background, then makes a review of research and application domestically and internationally. At last, introduces the purpose and meaning of research; PartⅡ, begins with the basic theory of fair value, explains the definition of accounting measurement and measurement attributes, discusses the meaning and characters of fair value, and analyses the relationship between fair value and other measurement attributes; PartⅢ, measurement methods of fair value, based on describing measurement principle and procedure, elaborates the main measurement methods, including market price method, present cost method, present value method and estimate technology method, then this part discusses the measurement methods of various types of specific items; PartⅣ, utilizes equilibrium price theory, transaction theory and game theory to analyse the fair value and its application in China; PartⅤ, aimed at the financial crisis which broke in 2008, this part draw a conclusion that fair value is not the root reason that aggravate the crisis, and financial crisis do not shake the foundation of fair value. After this, some reasonable suggestions for improving fair value accounting system are brought forward; PartⅥ, firstly proves that the application of fair value is necessary and feasible, secondly, introduces the present situation of using fair value in China, then points out some problems in the course of practical operations, finally proposes some feasible suggestions to the fair value application in China.Through this study, author hopes to guide and promote the basic theory, measurement methods, as well as the specific application of fair value in China.